By cryptoadmin US Treasury Secretary Scott Bessent said the cryptocurrency sector could strengthen the US dollar’s position as a global reserve currency. Bessent also stated that digital assets could play a significant role in the technological competition between the US and China.
Bessent, along with Ripple CEO Brad Garlinghouse, made assessments regarding the cryptocurrency markets and the dollar’s position in the international financial system at the Swell conference.
Bessent stated that the power of global reserve currencies has historically stemmed from military superiority, but today technological leadership is becoming increasingly decisive.
The US Treasury Secretary stated that companies worldwide are forced to choose between the US and China when it comes to artificial intelligence systems and semiconductor technologies.
Bessent emphasized that the cryptocurrency sector is also an important part of this technological competition, and said that the US aims for leadership in digital assets.
Bessent stated, “We will win in the cryptocurrency space, and this will further strengthen the US dollar.”
On the other hand, Bessent expressed his disappointment at the recent failure of the Clarity Act, which aimed to create a regulatory framework for the cryptocurrency market.
Despite the shortcomings in the legislative process, he indicated that institutions could take steps within their existing powers.
Bessent stated that the U.S. Treasury Department could cooperate with regulatory bodies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
He stated that this collaboration could lead to new steps at the institutional level and strengthen regulatory mechanisms in the cryptocurrency market.
Bessent’s statements indicate that the US administration views cryptocurrencies not merely as a financial innovation, but as a strategic technological area that can support the international position of the dollar.
*This is not investment advice.